Monthly Payment and Total Interest

Dave and Amy Simms have applied for an $340,000.00 mortgage loan at an annual interest rate of 5 percent. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. (Use the Section 10.2 Table for Notes in the Announcements.)

What is the Monthly Payment for a $1,000 loan?

• 340

• $1,825.80

• $5.37

• $657,288

• $317,288

Dave and Amy Simms have applied for an $340,000.00 mortgage loan at an annual interest rate of 5 percent. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. (Use the Section 10.2 Table for Notes in the Announcements.)

How many months is the loan?

• 30

• 240

• 360

• 120

Dave and Amy Simms have applied for an $340,000.00 mortgage loan at an annual interest rate of 5 percent. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. (Use the Section 10.2 Table for Notes in the Announcements.)

What is the Monthly Payment?

• $340

• $5.37

• $657,288

• $1,825.80

• $317,288

Dave and Amy Simms have applied for an $340,000.00 mortgage loan at an annual interest rate of 5 percent. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. (Use the Section 10.2 Table for Notes in the Announcements.)

What is the total amount they will repay?

• $340,000

• $1,825.80

• $657,288

• $317,288

• $340

Dave and Amy Simms have applied for an $340,000.00 mortgage loan at an annual interest rate of 5 percent. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. (Use the Section 10.2 Table for Notes in the Announcements.)

What is the the total interest repaid?

• $317,288

• $657,288

• $1,825.80

• $340,000

Selling price: $320,000.

Down payment: 20 percent.

Terms: 6.5 percent for 20 years. (Use the Section 10.2 Table for Notes in the Announcements.)

How much is the Down Payment?

• $256,000

• $64,000

• $7.46

• $1,909.76

Selling price: $320,000.

Down payment: 20 percent.

Terms: 6.5 percent for 20 years. (Use the Section 10.2 Table for Notes in the Announcements.)

How much is the Mortgage?

• $256,000

• $64,000

• $7.46

• $320,000

Selling price: $320,000.

Down payment: 20 percent.

Terms: 6.5 percent for 20 years. (Use the Section 10.2 Table for Notes in the Announcements.)

How much is the Monthly Payment for $1,000 Loan?

• $1,909.76

• $7.46

• $256

• $7.75

Selling price: $320,000.

Down payment: 20 percent.

Terms: 6.5 percent for 20 years. (Use the Section 10.2 Table for Notes in the Announcements.)

How much is the Monthly Mortgage?

• $7.46

• $256,000

• $1,909.76

• $256

Selling price: $320,000.

Down payment: 20 percent.

Terms: 6.5 percent for 20 years. (Use the Section 10.2 Table for Notes in the Announcements.)

How much is the total amount repaid?

• $64,000

• $256,000

• $458,342.40

• $202,342.40

• $138,342.40